Call for Proposals: Mobilising Capital for Nordic Growth and Scale-ups

Nordic Innovation is inviting proposals for Nordic projects that improve access to capital for growth companies, scale-ups, and funds, and strengthen the Nordic financing ecosystem. The call offers a total funding pool of NOK 6,000,000, with grant amounts per project ranging from NOK 1,000,000 to NOK 3,000,000. The application deadline is 05 November 2026 (deadline time and time zone not specified in the source). Opportunity at a Glance

- Funding organisation: Nordic Innovation

- Opportunity type: Call for proposals (Nordic projects)

- Total funding available: NOK 6,000,000

- Funding per project: NOK 1,000,000 – 3,000,000 (grant)

- Project duration: Up to 24 months

- Project start: Q1 2027

- Expected funding decision: December 2026

- Info webinar: 14 October 2026, 13:00–14:00 CEST (announced separately on Nordic Innovation’s website)

- Application deadline: 05.11.2026

- Apply through: Application portal

About the Opportunity

Nordic Innovation seeks proposals for Nordic collaboration projects that improve (and enable) access to capital for growth companies and scale-ups while contributing to a more integrated financing ecosystem in the Nordics. The call supports activities that may include Nordic collaboration, capacity-building, investor engagement, and ecosystem integration. Selected projects will be funded through the programme Nordic Growth & Capital Attraction, which aims to strengthen Nordic companies’ international opportunities and access to financing, aligned with Nordic Vision 2030. Funding and Benefits

- Total funding for the call: Nordic Innovation has allocated NOK 6,000,000.

- Grant size per project: NOK 1,000,000 – 3,000,000.

- Total project budget ranges (stated alongside grant): NOK 2,000,000 – 6,000,000, respectively.

- Grant form: Funding will be provided as a grant.

Co-financing (cost sharing) requirements - Public project grants (including Nordic Innovation funding) must not exceed 50% of total project costs. - Nordic Innovation requires minimum 50% co-funding from project participants.

- Co-funding types: direct funding (capital) or in-kind contributions (working hours).

- Applicants must demonstrate the composition of co-funding in the proposal. - The 50% co-funding requirement applies to the project as a whole, not to each individual partner; however, each partner must have at least 10% co-funding. - The total share of in-kind contributions must be reasonable and well-balanced. - Nordic Innovation may split the total NOK 6,000,000 between several projects, may modify the allocated budget, or may not award any funding under this call. Who Is Eligible? Eligible applications are submitted by a consortium led by a Nordic project leader. Consortium partners may include - Cluster or ecosystem organisations - Private, public or institutional investors - Companies - Innovation institutions - Consultancies - Higher education institutions - Public sector actors Geographic and consortium requirements - At least three partners from three different Nordic countries are required. - Investor or financing-sector participation is strongly encouraged. If such actors are not consortium partners, applicants should provide credible evidence of their commitment to participate. Other eligibility requirements (state aid / de minimis) - The source notes de minimis aid obligations under EU law: - An undertaking may receive State Aid of up to EUR 300,000 over a three-year period (de minimis aid). - Because Nordic Innovation is financed by the five Nordic governments, grants are divided into five parts when calculating State Aid, meaning only 20% of a grant counts toward the de minimis limit for any one country. - Each grant recipient must declare and register its State Aid upon signature of contract. Eligible costs

The call states eligible costs include:

- Working hours - Travel costs - Meeting costs - Communication - External services The source also references “Nordic Innovation’s approved hourly rate 2024.pdf,” but the document/link is Not specified in the source. Eligible Activities or Priority Areas Projects should show clear Nordic value-add in addressing the scale-up and growth capital challenge. The call provides examples of supported activities: - Set up Nordic cooperation models or shared investor frameworks to help scale-ups, fund managers, and long-term capital actors work across borders. - Develop financing concepts to be tested or mobilised, such as: - co-investment models - fund-of-funds ideas - institutional investor platforms - growth-equity structures - Mobilize institutional capital through shared Nordic approaches, investment cases, or dialogue formats that make scale-up opportunities easier to assess and engage with. - Create deal-flow maps, investor networks, or market overviews that improve investors’ visibility into Nordic growth opportunities. - Support Nordic companies’ preparation for larger funding rounds, including financing strategies, pitch materials, and investor-readiness support. Projects may address the challenge across sectors or focus on a particular industry or technology area, provided applicants can demonstrate a specific financing gap and a clear rationale for Nordic cooperation. Examples of desired results Depending on the project, outcomes may include: - Integrated Nordic financing pathway or cooperation models involving scale-ups, fund managers, and long-term capital actors - Better visibility of Nordic deal flow, capital needs, and investment opportunities for pension funds, institutional investors, and other capital providers - Financing concepts and platforms ready for further development, mobilisation, or piloting - Stronger mobilisation of institutional capital towards Nordic scale-up companies or funds - Stronger relationships between Nordic companies, funds, and relevant private/institutional/pension/European/international investors - Clearer financing strategies and improved investor readiness among scale-ups - Tailored financing pathways,